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Business EconomyPosted at: Aug 28 2019 6:26PM


India offers large energy market, calls for greater investment: Pradhan tells Australian minister

New Delhi, Aug 28 (UNI) Petroleum and Natural Gas minister Dharmendra Pradhan here on Wednesday in a meeting with Australia Minister for Resources Matthew Canavan said India offers a large energy market and stressed on greater investment flow from Australia.
Both the ministers focused on the importance of energy and resources in the bilateral relationship, and agreed to expand the scope of cooperation given that India offers a large energy market and Australia is rich in natural resources particularly coal and LNG, apart from Uranium.
Mr Pradhan mentioned that India is already an importer of LNG from Australia.
"Given India’s major initiatives to move into a gas-based economy, there is significant scope for
expanding LNG imports from Australia," Mr Pradhan stressed.

He also mentioned that Indian consumer is price sensitive, and therefore affordability of LNG imports from Australia will be an important factor in enhancing cooperation in this area.
Mr Canavan also underlined Australia’s commitment to expand its ties with India, and highlighted its position as a reliable partner in meeting India’s energy security needs.
Mr Pradhan also called for greater cooperation in the area of coking coal.
He said there is need for coordination between two countries by bringing together Ministries
responsible for Coal, Mines, Petroleum and Natural Gas and Steel of each side to achieve
greater synergy and enhance bilateral energy cooperation.
He further added that India being the largest importer of Australian metallurgical coal, a favourable differential pricing mechanism should be worked out.
Mr Pradhan also pointed that opportunities for collaboration will continue to expand as India’s energy mix evolves.
The two dignitaries agreed to build further on a wide range of energy resources, which have a multiplier effect on the economy, in the coming months so that the energy pillar of bilateral engagement can be strengthened.
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